Prepare income statement and analysis of retained earnings, Financial Accounting

Assignment Help:

You are preparing and income statement and analysis of retained earnings for Pacioli Wholesale Corporation for the years ended June 30, 2011 and 2012 based on the following information:

a. Sales for the year ended 6/30/11 were $1,289,040 and grew by 10% in the following year

b. Cost of goods sold is 60% of sales in both years.

c. Selling expense was $128,544 for YE 6/30/11 and went up by 8% the following year.

d. Administrative expense was $301,008 in the YE 6/30/11 and went up by 6% the following year.

e. Interest expense was $48,644 for YE 6/30/11 but the company managed to reduce this expense by 10% the following year.

f. Income taxes are 35% of pre-tax income in both years.

g. Retained earnings at 6/30/2010 was $265,080.

h. There were 10,000 shares which paid a $1.00 dividend per share in the 6/30/2011 year.

i. The following year, 1,000 more shares were issued and dividend of $1.50 was paid.

 


Related Discussions:- Prepare income statement and analysis of retained earnings

Define return on capital employed, Q. Define Return on capital employed? ...

Q. Define Return on capital employed? Return on capital employed (ROCE) is as well called accounting rate of return. Distinctly IRR ROCE uses average annual accounting profit b

Attribution, Attribution When individuals monitor performance they att...

Attribution When individuals monitor performance they attempt to determine if it is inner or outer caused. "Inner caused" means 1 believes that an event was under the personal

Find out the current dividend per share, Find out the Current dividend per ...

Find out the Current dividend per share:   Data Stock price = $ 65 Return = 11% Dividend Yield =  11/ 2 = 5.5 % (given) Formula: Dividend in one year = divid

How much are joe''s shares worth after the stock split?, Joe Shareholder ow...

Joe Shareholder owns 100 shares of Peach Company stock which is currently selling for $100 per share. Peach declares a 2-1 stock split. How much are Joe's shares worth after the st

Accounting for lease, what are the concept of economic substance over legal...

what are the concept of economic substance over legal form under accounting for lease?

Profit for the period-notes to the accounts, Profit for the period The pr...

Profit for the period The profit for the period has been arrived at after charging the following expenses: Normal 0 false false false EN-US X-NONE

Financial mathematics, abc limied is considering whether to invest $90000 ...

abc limied is considering whether to invest $90000 in the purchase of a new item of equipment. The equipment would be paid for with a down-payment of $60000 and the payment of the

Prepare journal entries - bussiness accounting, Question 1  Describe a...

Question 1  Describe and differentiate the four (4) different Financial Statements. HINT : use examples of actual companies or transactions to illustrate your answer. Give

Quarterly cash payments budget, Emily Jackson, RSC Designs management accou...

Emily Jackson, RSC Designs management accountant, is in charge of preparing the master budget for 2013.  She has gathered the following information: 1. Annual profit for the 201

Dividend, Between 1986 and 2000 Textron dividend changes were described by ...

Between 1986 and 2000 Textron dividend changes were described by the following equation: DIVt " DIVt"1 ! .36(.26 EPSt " DIVt"1) What do you think were (a) Textron’s target payout r

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd